97% market share Learn more about Opensea NFT trading platform

One of the blockchain products is the NFT. Although blockchain is a technology that deals with distribution, interest in the core of the NFT market has increased recently, with users complaining about the importance of NFT copying and the phone. The NFT industry now accounts for 97% of the total Opensea platform market share.

Who is an open city?

OpenSea is an online business for NFTs. Opensea was created on December 20, 2017 in New York by Devin Finzer and Alex Atallah. Users can create free NFTs on OpenSea and offer them for purchase or direct sale. OpenSea is generally based on the Ethereum ERC-721 standard and Polygon (a two-layer scaling solution for Ethereum).

OpenSea acquired a funding round for Y Combinator in 2018. In November 2019, OpenSea raised $2.1 million in market capitalization (exclusively from Animoca Brands). In March 2021, OpenSea raised an additional $23 million in market capitalization (exclusively from A16z Capital). In July 2021, OpenSea announced additional funding of $100 million.

OpenSea had revenue of $95 million in February 2021, $147 million in March, and $2.75 billion in September. In September 2021, OpenSea announced its own mobile app for Android and iOS. In January 2022, OpenSea raised $300 million in financial assets (led by Paradigm and Co2 Management) with a net worth of $13.3 billion.

Devin Finzer, co-founder and CEO of OpenSea, said the new revenue will improve consumer support and security, invest in NFT and web3 communities, and invest in recruitment and production. OpenSea is committed to expanding the entire NFT ecosystem. OpenSea is launching a grant with the ability to directly support NFT developers, designers and designers of the future. OpenSea's mission is to support the scale and growth of the broader NFT ecosystem, including investing in people who nurture the profile of new developers and create the NFT environment to become better people. .

Additionally, the revenue will help OpenSea overcome new competitors in the NFT market. For example, Coinbase plans to start its own NFT business, while FTX currently operates NFT.

The acquisition of Opensea also sets four future goals: to accelerate product commercialization, to improve quality and security for customers, and to invest in the development of NFT and Web3 community projects, and to grow groups.

The first is to promote the development of related products. Going forward, Opensea will focus on reducing the impact on NFT access by extending the blockchain complexity solution and streamlining the process. Opensea will also accelerate feature development to support other blockchains in the future. They will also develop better tools to help people identify, demonstrate, manage and present NFTs.

The second is to improve the quality and safety of customers. As the cost of NFT assets has increased, how to prevent hackers from becoming an issue. Opensea said that in the future, it will actively improve the platform's reliability, safety and security, and relevant groups will continue to pursue customer safety.

The last thing to do is to get the most out of the investment.Opensea will announce future plans to directly support developers, designers and designers to shape the future of the NFT space and ultimately make the entire NFT ecosystem a success.

Be with OpenSea

On November 28, 2017, the CryptoKitties project was announced. Digital cats have attracted a lot of attention. At that time, one of the CryptoKitties called Genesis was priced at 247 ETH, or about $118,000 (about 752,100 yuan) and $780,000 (about 4.97 million yuan at the current ETH price) at the 'era. ). comfort).

Genes NFT

Visualization of NFTs and rapid increase in NFTs,Devin Finzer decided to create a trading platform for this asset. From there, Opensea was born.

OpenSea may seem like a simple platform or a product. After all, it's only commercial for NFTs. And how you can hit the jackpot today depends on how the platform builds and manages them.

The OpenSea platform's easy-to-use cataloging capabilities, powerful filters, and extensive NFT capabilities have contributed to its dominance in the NFT industry.Writers can run NFT on OpenSea with just a few clicks. By simplifying the process of delivering NFTs, we have reduced initial public access to NFTs, further expanding audience and market participation for NFTs.

Some platforms like Foundation, KnownOrigin, Nifty Gateway, Rarible, SuperRare and Zora are similar NFT trading platforms at the same time, but OpenSea's lower accessibility and performance are the main reasons for its popularity in space. According to DappRadar, the OpenSea platform brought in over $600 million in market share in the first week of September 2021, while SuperRare reached $6 million in volume.

Opensea also supports many NFT projects. For example, NFTs found on the Foundation platform may not be viewable and traded on the SuperRare platform, but Opensea supports most NFT operations.

Today, Opensea holds nearly 97% of the NFT market share. This level of management is rare in a profession other than the digital world. NFT is a blockchain, but a product that supports the use of technology. However, the NFT industry has not had any real impact and Opensea has become an integral part of the NFT industry today.

NFT exchange via the platform

Source: Dune Analysis

The economy is deteriorating

With the rapid growth of the NFT market recently, many crypto exchanges have also launched their own NFT market. For example, 3 of the top 5 Cyrpto exchanges announced their own NFT industry, Coinbase launched its NFT platform in mid-October 2021, and FTX launched its own NFT market in mid-October. Many developers and new developers have entered this space and the competition is fierce which could cause OpenSea to lose customers.

Additionally, OpenSea competitor Rarible (NFT trading platform) has launched a new feature that allows players to stream NFTs for free. NFT casting has to pay a price (cost), and with the rise of NFT, prices have increased and become an impact on people's entry into the NFT industry. The free NFT program Rarible will attract more and more NFT casters and will probably become the first choice cast in the near future.

To trade NFTs on OpenSea, in addition to the cost of the NFT itself, the client must pay the fuel cost of the Ethereum network and a 2.5% platform fee. Today, many platforms do not pay the price except for the cost of the NFT itself and the fuel cost of the Ethereum network, and this situation may impact OpenSea in the future.

Finally, OpenSea does not support other popular blockchains such as Solana, Cardano, and Tezos except Ethereum. For example, Solana has grown in popularity over the past few years, making it the blockchain network of choice for many cryptocurrency traders. Many other blockchain networks have lower or even zero oil exchange rates, but will attract more users. And Opensea's lack of support for other popular blockchains could undermine Opensea's management and allow other platforms to take advantage of it.

However, when other platforms are available, a single slot switches to multiple slots. In fact, a lot of NFT work has been done on these platforms, and the distribution of future NFTs will be very limited.

crazy

OpenSea is a central hub of the platform and does not release characters to share community control.Many exchanges or platforms now release their own tokens to allow users to share control, which could make OpenSea less powerful in the NFT market.

Due to a recent error by OpenSea in the issuance, the monetary circle even donated its own tokens to Opensea. The full name of the project is Save Opensea.The value of these coins jumped 50 times within 24 hours of its release and coin holders exceeded 200,000.Name SOS. The purpose of its creation is to solicit exchanges for Opensea to give back to the community, in other words, Opensea is an organization that issues tokens if they do not.

First, Opensea's Chief Financial Officer (CFO), Brian Roberts, said in an interview with Bloomberg: He's seen the profits of many companies, but he's never seen anything like Opensea. It would be foolish not to think about going public when a company is growing so quickly. The secondary business is very excited by the company for this growth. This statement is not a mistake in other industries, but it is not recognized in the blockchain world which advises decentralization. It was decided to go against the "blockchain spirit" of Web3 users to open it up and opt for the composition of the Web2 era. After Opensea quotes, many retailers were finally seen as the second choice in the industry, only to be ordered by large companies.

After these rumors surfaced, Opensea's CFO was quick to confirm that Opensea has no disclosure plans at this time. If you want to reach the public in the future, you can find ways to bring the community together. Although it is self-explanatory, SaveOpenC was born because the anger of American blockchain users has not stopped. In less than two days, 200,000 people applied for an SOS parachute drop. According to data from Uniswap, the 24-hour market volume of SOS reached $157 million (about 1 billion yuan).

SOS Price Trend

Source: Quince Gecko

The official website of Save Opensea states that the goal of this project is to give back to all NFT developers, authors and community members who have contributed to improving the whole NFT ecosystem. The Save Opensea project part issues tokens for all consumers of the Opensea platform based on data opened by Opensea. The price you can get is determined by the total market share and usage by Opensea users. The total amount of SOS is 100 trillion, of which 50% is used for airdrop payments, 20% for staking funds, 20% for DAO organization administration and monitoring, and 10% for payments liquidity extraction.

Opensea was established in 2017 and has faced four years of bear market share in the global exchange rate. Many jobs were closed or closed during this time. Opensea has been running quietly for many years now, and now holds a leading position in the NFT industry. However, under hard work, the DAO, which was developed for a few days, stole the fruits of victory. The event will force Opensea to reconsider its decision not to release tokens and go public during the IPO.